Bonora told the Fort Myers News-Press that he plans to build a hotel, rental apartments and retail space on the land.

Bonora also told the newspaper that his company hopes to have approvals for development of the land in place later this year and to start construction in the fourth quarter.

Madison Ave. Investment Group LLC, the seller of the land, bought it about three years ago for $3.5 million. The land previously sold in 2003 for $6.25 million.

Fort Myers Mayor Randy Henderson told the Fort Myers News-Press that the planned development of the land “will help create much-needed new downtown living options.” [Fort Myers News-Press]– Mike Seemuth